Recap 2.1 - Reclassification, User Prices and Tax Details
What we've all been waiting for...
Thu Oct 21 2021
We're excited to release Recap 2.1. With this release we're putting power back in your hands - you'll be able to manually override pricing and reclassify your transactions, let's take a look at how it works...
Have you found a non-taxable airdrop that's been classed as income or are you being taxed on a disposal that's actually a transfer to your spouse? Transaction types get mixed up - now you can edit them to make sure your activity is correctly accounted for.
When editing most transactions, there is now the option to change their type. This is useful for when a Deposit or Withdrawal has a tax implication that we can't automatically identify, like changing a Deposit to Income, or a Withdrawal to Purchase.
The types can be changed between each other (incoming must stay incoming, and outgoing, outgoing), and we'll be looking to expand which types can be changed in the future.
Sometimes we may not be able to find an asset, or our pricing providers may be unable to value one of your coins, sometimes a valuation doesn't meet your expectations. Now, you are able to manually price your own assets to ensure that your portfolio is 100% accurate and you won't be under or over paying on your taxes.
There's a new Prices tab when you select a transaction in Activity. This shows the prices that Recap is using to value assets for income and capital gains calculations.
You can view details by expanding the sections, but most importantly you can now edit an asset price directly, giving you much more control in how valuations are calculated.
Prices will soon make their way onto our PDF reports (along with non-manual prices) for full transparency.
Have you found our tax reports hard going, and difficult to understand the tax impact of specific transactions? Now you can see detailed tax information about every transaction.
We've added a new Tax tab when you select a transaction in Activity. This shows every disposal and acquisition generated by that transaction and how they've been treated by our tax engine.
Where are we going next?
Next up, we're tackling support for DeFi. Are you Trading? Staking? Lending? We want to find out exactly what you need, so, if you haven't already, please fill in our DeFi survey so that we can focus our support on the areas that are most important to you.
We hope that Recap 2.1 was worth the wait. We know there'll be teething problems, so please drop us a message on support if you need help. If you've got feedback then please get in touch and as always, we're happy to hear any ideas you may have!